The transition to DuitNow QR code allows customers to make fast payments with their choice of digital banking apps or e-wallet providers. Users can benefit from rewards from merchants and earn cashbacks up to 15% and choose interest-free flexible payments with FavePay Later. FavePay DuitNow QR also allows Fave’s merchants to accept payments from all users of 32 participating banks and e-wallets in the DuitNow ecosystem.
The launch came after the smart payment app joined the real-time Retail Payments Platform as a non-bank participant with Payments Network Malaysia Sdn Bhd (PayNet) to offer Malaysia’s national QR standard DuitNow QR.
According to Fave Group representatives, the COVID-19 pandemic and Movement Control Order (MCO) has discouraged Malaysians from physical cash payments. Hence, they have observed a surge in cashless transactions and an opportunity for greater nationwide user adoption.
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